Sri Lanka Economic Crisis Highlights

Anticipating protests, authorities close Colombo’s Galle Face Green park; Oppn to move no-confidence motion against govt

Sri Lanka Crisis Highlights: Authorities on Saturday closed Colombo’s Galle Face Green urban park, anticipating widespread protests in the area. Protestors were seen gathering outside the park early on Saturday morning, The Indian Express reported.

Meanwhile, Sri Lanka’s main Opposition party Samagi Jana Balawegaya (SJB) on Friday announced that it will move a no-confidence motion against the government of President Gotabaya Rajapaksa and is prepared to impeach the embattled leader if he fails to address the concerns of the public facing hardships due to the worst economic crisis. As protests continued across the country, demanding resignation of the President and the entire Rajapaksa family from the government, Opposition leader Sajith Premadasa also called for the Executive Presidency to be abolished, saying power should be divided between the Executive, Legislature and Judiciary.... Read More

According to News 18

Sri Lanka Seeking $3 Billion to Tackle Crisis Says FM as Protests Continue

Sri Lanka’s main Opposition party SJB on Friday announced that it will move a no-confidence motion against the government of President Gotabaya Rajapaksa and is prepared to impeach the embattled leader if he fails to address the concerns of the public facing hardships due to the worst economic crisis. As protests continued across the country, demanding resignation of the President.... Read More

According to Aljazeera

Thousands in Sri Lanka insist Rajapaksa family quit politics

Colombo, Sri Lanka – Sri Lankans are continuing to demand President Gotabaya Rajapaksa’s resignation, with thousands rallying in the capital, Colombo, saying neither he nor members of his family could be trusted to steer the country out of its deepening economic crisis.

At the Galle Face Green on Colombo’s waterfront on Saturday, students, teachers, lawyers, actors and architects – many of whom said they were protesting for the first time – chanted “madman Gota” and “Go home Gota”, in a reference to the president’s nickname, as they gathered under a blistering sun..... Read More

According to THE TIMES OF INDIA

Sri Lanka constitutes expert panel, imposes tax on rich

COLOMBO : Sri Lankan president Gotabaya Rajapaksa has constituted an expert panel to bail his country out of an unprecedented economic crisis characterised by shortage of essential commodities and widespread protests. The panel of eminent economists has been mandated to address the $8. 6 billion of debt and the soaring inflation by engaging with IMF and other probable lenders.

The Presidential Advisory Group on Multilateral Engagement and Debt Sustainability would include Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the economic affairs division of the commonwealth secretariat, said a statement issued by the president’s office late on Wednesday. The other members of the panel include Shanta Devarajan, a former senior director of development economics at the World Bank, and Sharmini Coorey, a former director of IMF’s Institute of Capacity Development...... Read More

According to THE ECONOMICS TIMES

Sri Lanka seeks $3 billion in next 6 months to stay afloat

Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines, to manage a severe economic crisis, its finance minister said on Saturday.

The island nation has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure....... Read More

According to The Indian Express

Sri Lankan newspapers cut down on pages, editions to continue printing amid economic crisis

Sri Lanka’s newspapers are continuing to print despite massive economic constraints. The shortage of dollars has affected media houses too, especially organisations that are into the print business as newsprint, which is imported, is short in supply.

Some newspapers have also cut down on the number of editions and pages. One even suspended publication on Saturday in order to continue printing its Sunday edition. Sunday newspapers have always been a huge draw as they contain a variety of news — from fly on the wall reports of Cabinet meetings, biting political commentary, inside track tit bits, sports, lifestyle and fashion..... Read More